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Verizon picking up Intel TV for less than $200 million

Verizon has allegedly agreed to pay a sum less than $200 million for Intel's Internet-TV startup.

@CharlesJGantt
Charles Gantt
Published Tue, Jan 21 2014 5:27 PM CST   |   Updated Sat, Aug 8 2020 10:29 AM CDT

New details have emerged on a deal that could see Verizon take ownership of Intel's Internet TV project. Today, two sources have opened up and said that Verizon has agreed to pay less than $200 million for the Internet-TV startup which include about 350 employees moving employment status from Intel to Verizon.

Verizon picking up Intel TV for less than $200 million | TweakTown.com

"We will have the opportunity to enhance, expand, accelerate and integrate our delivery of video products and services to better serve audiences on a wide array of devices," Verizon Chief Executive Officer Lowell McAdam said in the statement.

This deal could spell out big bucks for the nations largest mobile device and internet carrier, as it has been trying to dominate the streaming entertainment arena for quite some time now. While official news of the sale will remain silent until quarterly earning reports are released, today's news should have some effect on Intel and Verizon's market prices tomorrow morning.

NEWS SOURCE:bloomberg.com

A web developer by day, Charles comes to TweakTown after a short break from the Tech Journalism world. Formerly the Editor in Chief at TheBestCaseScenario, he now writes Maker and DIY content. Charles is a self proclaimed Maker of Things and is a major supporter of the Maker movement. In his free time, Charles likes to build just about anything, with past projects ranging from custom PC cooling control systems to 3D printers. Other expensive addictions include Photography, Astronomy and Home Automation.

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